Describe the importance of management.
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It helps in Achieving Group Goals - It arranges the factors of production, assembles and organizes the resources, integrates the resources in effective manner to achieve goals. It directs group efforts towards achievement of pre-determined goals. By defining objective of organization clearly there would be no wastage of time, money and effort. Management converts disorganized resources of men, machines, money etc. into useful enterprise. These resources are coordinated, directed and controlled in such a manner that enterprise work towards attainment of goals.
Optimum Utilization of Resources - Management utilizes all the physical & human resources productively. This leads to efficacy in management. Management provides maximum utilization of scarce resources by selecting its best possible alternate use in industry from out of various uses. It makes use of experts, professional and these services leads to use of their skills, knowledge, and proper utilization and avoids wastage. If employees and machines are producing its maximum there is no under employment of any resources.
Reduces Costs - It gets maximum results through minimum input by proper planning and by using minimum input & getting maximum output. Management uses physical, human and financial resources in such a manner which results in best combination. This helps in cost reduction.
Establishes Sound Organization - No overlapping of efforts (smooth and coordinated functions). To establish sound organizational structure is one of the objective of management which is in tune with objective of organization and for fulfillment of this, it establishes effective authority & responsibility relationship i.e. who is accountable to whom, who can give instructions to whom, who are superiors & who are subordinates. Management fills up various positions with right persons, having right skills, training and qualification. All jobs should be cleared to everyone.
Establishes Equilibrium - It enables the organization to survive in changing environment. It keeps in touch with the changing environment. With the change is external environment, the initial co-ordination of organization must be changed. So it adapts organization to changing demand of market / changing needs of societies. It is responsible for growth and survival of organization.
Essentials for Prosperity of Society - Efficient management leads to better economical production which helps in turn to increase the welfare of people. Good management makes a difficult task easier by avoiding wastage of scarce resource. It improves standard of living. It increases the profit which is beneficial to business and society will get maximum output at minimum cost by creating employment opportunities which generate income in hands. Organization comes with new products and researches beneficial for society.
Optimum Utilization of Resources - Management utilizes all the physical & human resources productively. This leads to efficacy in management. Management provides maximum utilization of scarce resources by selecting its best possible alternate use in industry from out of various uses. It makes use of experts, professional and these services leads to use of their skills, knowledge, and proper utilization and avoids wastage. If employees and machines are producing its maximum there is no under employment of any resources.
Reduces Costs - It gets maximum results through minimum input by proper planning and by using minimum input & getting maximum output. Management uses physical, human and financial resources in such a manner which results in best combination. This helps in cost reduction.
Establishes Sound Organization - No overlapping of efforts (smooth and coordinated functions). To establish sound organizational structure is one of the objective of management which is in tune with objective of organization and for fulfillment of this, it establishes effective authority & responsibility relationship i.e. who is accountable to whom, who can give instructions to whom, who are superiors & who are subordinates. Management fills up various positions with right persons, having right skills, training and qualification. All jobs should be cleared to everyone.
Establishes Equilibrium - It enables the organization to survive in changing environment. It keeps in touch with the changing environment. With the change is external environment, the initial co-ordination of organization must be changed. So it adapts organization to changing demand of market / changing needs of societies. It is responsible for growth and survival of organization.
Essentials for Prosperity of Society - Efficient management leads to better economical production which helps in turn to increase the welfare of people. Good management makes a difficult task easier by avoiding wastage of scarce resource. It improves standard of living. It increases the profit which is beneficial to business and society will get maximum output at minimum cost by creating employment opportunities which generate income in hands. Organization comes with new products and researches beneficial for society.
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Importance of management for every business organization are: 1. Management helps in Achieving Group Goals 2. Management Increases Efficiency 3. Management Creates a Dynamic Organisation 4. Management helps in Achieving Personal Objectives 5. Management helps in the Development of the Society.
In absence of efficient management the resources will remain resources and cannot be converted into finished products.
1. Management helps in Achieving Group Goals:
Organisation consists of number of persons who work as a group. Management helps in achieving group goals by giving a common direction to the individual effort.
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For example, an employee’s objective is to earn maximum wages whereas the organisational objective is to maximize output. Employees can achieve their objectives by maximizing output which helps in the achievement of organisational goal too. This is what management strives to achieve.
2. Management Increases Efficiency:
The main aim of every manager in any organisation is to minimise the cost and to increase the output through effective planning, organising, directing, staffing, controlling etc. Efficiency increases when we use fewer resources (i.e. inputs) and achieve more benefit or output.
In any organisation, input resources are men, money, material and machinery. Management uses these inputs efficiently by properly allocating them to reduce the wastage which ultimately decreases cost and thus leads to higher profits.
3. Management Creates a Dynamic Organisation:
The environment in which an organisation works is subject to continuous changes and the people working in the organisation resist change because they don’t want to move from a familiar and secure environment to a new environment.
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An organisation must change itself and its goal according the needs and aspirations of the environment. Management helps to adapt to these changes in order to be successful. For example, to survive in the Indian market, Mc Donald, a leader in fast foods, has made major changes in its menu.
4. Management helps in Achieving Personal Objectives:
Management not only helps in achieving the organisational objectives but also the personal objectives of the employees. With the help of self motivation and leadership techniques, management helps individuals to develop spirit of cooperation, commitment and team spirit etc. that help them to achieve their personal goals as well.
5. Management helps in the Development of the Society:
An organisation has many obligations towards different groups that constitute it. The process of fulfilling all the objectives must help in growth and development of the organisation as well as society.
For example, providing better quality goods and services, generating employment opportunities, increasing the wealth of the nation, providing fair wages to the workers etc. Effective management helps the organisation in fulfilling all these obligations.
hope it help u
In absence of efficient management the resources will remain resources and cannot be converted into finished products.
1. Management helps in Achieving Group Goals:
Organisation consists of number of persons who work as a group. Management helps in achieving group goals by giving a common direction to the individual effort.
ADVERTISEMENTS:
For example, an employee’s objective is to earn maximum wages whereas the organisational objective is to maximize output. Employees can achieve their objectives by maximizing output which helps in the achievement of organisational goal too. This is what management strives to achieve.
2. Management Increases Efficiency:
The main aim of every manager in any organisation is to minimise the cost and to increase the output through effective planning, organising, directing, staffing, controlling etc. Efficiency increases when we use fewer resources (i.e. inputs) and achieve more benefit or output.
In any organisation, input resources are men, money, material and machinery. Management uses these inputs efficiently by properly allocating them to reduce the wastage which ultimately decreases cost and thus leads to higher profits.
3. Management Creates a Dynamic Organisation:
The environment in which an organisation works is subject to continuous changes and the people working in the organisation resist change because they don’t want to move from a familiar and secure environment to a new environment.
ADVERTISEMENTS:
An organisation must change itself and its goal according the needs and aspirations of the environment. Management helps to adapt to these changes in order to be successful. For example, to survive in the Indian market, Mc Donald, a leader in fast foods, has made major changes in its menu.
4. Management helps in Achieving Personal Objectives:
Management not only helps in achieving the organisational objectives but also the personal objectives of the employees. With the help of self motivation and leadership techniques, management helps individuals to develop spirit of cooperation, commitment and team spirit etc. that help them to achieve their personal goals as well.
5. Management helps in the Development of the Society:
An organisation has many obligations towards different groups that constitute it. The process of fulfilling all the objectives must help in growth and development of the organisation as well as society.
For example, providing better quality goods and services, generating employment opportunities, increasing the wealth of the nation, providing fair wages to the workers etc. Effective management helps the organisation in fulfilling all these obligations.
hope it help u
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